Running an Accounting Business

Ed Mendlowitz CPA The Practice Doctor Q and AQUESTION: I am the managing partner of my accounting firm by default. No one else wanted to do it. I am trying to manage things but I have a full schedule, am shorthanded on staff and continue to do a reasonable amount of marketing. I am overwhelmed. How do others do it?

RESPONSE: I purposely left off the size of the firm because my response applies to every size firm – those with two partners on up to large firms with upward of 50 partners. No matter the size of your practice, it is a business and needs someone dedicated to running it. Smaller firms need less time, possibly less skills and perhaps one of the partners can fill in this role. Larger firms need a person who spends substantially all of their time running the business, but not necessarily a partner.

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Edward Mendlowitz

Ed Mendlowitz, The CPA Trendlines Practice Doctor

About the Author

Edward Mendlowitz, CPA, ABV, PFS, is a partner in Withum Smith + Brown’s New Brunswick, NJ, office and has over 40 years of public accounting experience. He's CPA Trendlines' "Practice Doctor."

Click here to send Ed your toughest questions and comments.

 

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More by Ed Mendlowitz

He is a licensed certified public accountant in the states of New Jersey and New York and is accredited by the American Institute of Certified Public Accountants (AICPA) in business valuation (ABV), certified in financial forensics (CFF) and as a personal financial specialist (PFS). Ed is also admitted to practice before the United States Tax Court and has testified as an expert witness in federal and state court regarding business valuations, and twice at the House Ways and Means Committee on tax reform, fairness, and reduction. A graduate of City College of New York, Ed earned his bachelor of business administration degree.

He is a member of the AICPA, the New Jersey Society of Certified Public Accountants (NJSCPA) and the New York State Society of Certified Public Accountants (NYSSCPA). In addition, Ed was a founding partner of Mendlowitz Weitsen, LLP, CPAs, which merged with WS+B in 2005. Currently, he serves on the NYSSCPA Estate Planning Committee and was chairman of the committee that planned the NYSSCPA’s 100th Anniversary. The author of 19 books, Ed has also written hundreds of articles for business and professional journals and newsletters.

He is the contributing editor to the Practitioners Publishing Company’s 706/709 Deskbook, and the AICPA’s Management of an Accounting Practice Handbook, Corporate Controller’s Handbook and Wiley’s Handbook on Budgeting and is on the editorial board of Bottom Line/Personal newsletter and the Journal of Accountancy Member Panel on Business Valuation. Appearing regularly on television news programs, Ed has also been quoted in numerous major newspapers and periodicals in the United States. He is the recipient of the Lawler Award for the best article published during 2001 in the Journal of Accountancy.

Ed is a frequent speaker to many professional and business groups, including the AICPA, NJSCPA, NYSSCPA, American Management Association, the National Committee for Monetary Reform, University of Medicine and Dentistry in NJ and many more. For 11 years, he taught courses on financial analysis, corporate financial policy and theory, monetary and fiscal policy and managerial accounting in the MBA program at Fairleigh Dickinson University.

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